After the 2021 military coup in Myanmar, the wealth distribution has been significantly impacted. While much of the general population has seen a decline in living standards, the wealthiest individuals, particularly those aligned with the military junta, have managed to maintain or even increase their wealth. This has exacerbated inequality in the country. Here’s a detailed look at the wealthiest people in Myanmar post-coup:
The Wealthiest People in Myanmar After the Coup:
- Military Elites and Junta Leaders:
- The wealthiest individuals in Myanmar following the coup are primarily associated with the military junta, particularly those with ties to General Min Aung Hlaing, the leader of the coup.
- Min Aung Hlaing and his associates have vast personal fortunes, often linked to the military’s control over Myanmar’s lucrative resources, including jade mining, timber, natural gas, and precious metals. The military-controlled conglomerate Myanmar Economic Holdings Limited (MEHL) is one of the largest beneficiaries of Myanmar’s wealth.
- Crony Capitalists:
- Crony capitalists who have aligned themselves with the military over the years continue to be among the wealthiest individuals in Myanmar. These include business owners and elite families who have longstanding ties with the junta and benefited from military-backed business monopolies.
- Zaw Zaw, the head of Max Myanmar Group, is one of the prominent figures in this group. Max Myanmar Group controls numerous sectors, including construction, telecommunications, and energy, and has gained a significant share of Myanmar’s wealth through its close relationship with the military.
- Tay Za:
- Tay Za is another prominent business tycoon who remains extremely wealthy despite the coup. He is the founder and owner of Htoo Group of Companies, which operates in sectors such as construction, tourism, and aviation. Tay Za has long been a close ally of the military and has been targeted by international sanctions due to his ties to the junta.
- Khin Shwe:
- Khin Shwe, another business tycoon, owns the Zaykabar Company, which is one of Myanmar’s largest conglomerates, involved in construction, real estate, and infrastructure development. He has been a major benefactor of military patronage and holds significant wealth.
- Elite Military Business Families:
- Many of Myanmar’s wealthiest individuals after the coup come from families directly linked to the military. These families control major industries and have interests in resources like jade, oil, and gas. They often profit from the military’s control over these sectors.
- Some army generals’ families own extensive real estate and are heavily involved in business ventures through military-run companies like Myanmar Economic Corporation (MEC) and Myanmar Economic Holdings Limited (MEHL), which manage vast economic assets.
How the Rich Have Benefited:
- Military-Controlled Enterprises:
- The military controls a large portion of Myanmar’s natural resources through MEHL and MEC. These entities generate significant wealth from the country’s jade, timber, and natural gas industries. The junta has used its control over these assets to ensure that the wealth generated from these resources benefits the military elite and their business allies.
- These entities also benefit from monopolistic control over various sectors, including construction, banking, energy, and telecommunications, often at the expense of local businesses and the general population.
- Continued Access to State Resources:
- Wealthy individuals in Myanmar, particularly those tied to the military, continue to have exclusive access to state resources, including government contracts, natural resource extraction rights, and military-protected business deals.
- These elites have economic resilience, allowing them to weather the economic fallout caused by international sanctions and civil unrest. They often use their connections with the military to protect their wealth, while ordinary citizens face soaring inflation and limited access to basic necessities.
- Military Regime’s Protection:
- Individuals close to the military junta have maintained wealth through political protection. The military ensures that these business elites are shielded from the consequences of the coup and international sanctions. As a result, even amid economic challenges, their businesses remain operational, and their wealth is largely unaffected by the political turmoil.
Impact of the Coup on Wealth Distribution:
- Widening Gap Between Rich and Poor:
The gap between the wealthy elites and the general population has widened significantly after the coup. While the wealthiest individuals and military-affiliated companies continue to thrive, the majority of Myanmar’s population has been plunged deeper into poverty.- Rural communities, in particular, have suffered from food insecurity, unemployment, and increased displacement due to the conflict.
- Economic activities, especially in sectors like tourism, retail, and manufacturing, have collapsed, while wealth is concentrated among the junta and those with direct ties to the military.
- International Sanctions:
- Sanctions imposed by Western countries, targeting military leaders and business elites, have had little impact on the wealth of Myanmar’s top elites, as they often operate through third-party entities or in regions less affected by sanctions.
- While some individuals face asset freezes or travel bans, their wealth remains largely untapped because much of it is tied to military-backed industries and resources.
Conclusion:
The wealthiest people in Myanmar after the coup remain those with strong connections to the military junta or those who control military-backed businesses. These individuals have maintained or even expanded their fortunes, benefiting from the military’s control over Myanmar’s key resources and the monopolies they hold in various sectors. Meanwhile, the general population, especially the poor and marginalized communities, faces deepening poverty, economic hardships, and displacement, highlighting the stark inequality in Myanmar’s post-coup society.